Yen slips as Japan's election result clouds BOJ rate hike prospects
yen touched a three-month low on Monday as Japan's ruling coalition lost its parliamentary majority and investors figured that would likely slow future interest rate hikes, while the dollar headed for a monthly gain on rising U.S. yields.
On the dollar, the yen hit its weakest since late July at 153.3 in early-morning trade and it touched the same milestone at 165.36 to the euro.
Prime Minister Shigeru Ishiba's Liberal Democratic Party, which has ruled Japan for almost all its post-war history, and coalition partner Komeito took 209 of 465 lower house seats, public broadcaster NHK reported, with all but 20 accounted for.
That was down from the 279 seats they held previously and marked the coalition's worst result since it briefly lost power in 2009.
A period of fractious deal making is likely to ensue and with cost-of-living pressures a major issue, traders think any resulting government will pressure the Bank of Japan to take policy normalisation very slowly.
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